Mosaic to close idled Plant City manufacturing facility in Florida
Mosaic announced that it will close its idled Plant City phosphates manufacturing facility in Hillsborough County, Florida. The small team of Mosaic employees currently responsible for care and maintenance activities will remain on site to manage closure and compliance responsibilities over the next several years. Operational since 1975, Plant City produced approximately 1.3M tonnes of finished phosphates in 2017, its last year of operation. The plant was idled in late 2017 because it was one of the higher cost phosphates facilities in Mosaic's Florida operations and due to global phosphate market conditions. During Q2, Mosaic expects to recognize a notable non-cash charge of up to $390M for the permanent closure of the facility, including asset write-offs and an increase of the asset retirement obligation liability. Annual cash payments to manage the closure of the facility over the next five years are expected to be similar to payments incurred while the plant was idle in 2018. Mosaic will seek to mitigate a portion of closure costs by evaluating innovative approaches to water management and to repurposing part of the facility for productive use.